Lance-
I would not remove the stock res. for a straight pipe. I did that w/my SHOshop pipe and it was so loud car alarms would go off as I drove down the street. Less than a day later I replaced the straight pipe w/a perforated core glasspack I got at the Local Auto Parts store.
BTW, you will notice a HUGE difference with the SVT TB/Upper IM combo. At least I did on my 95. smile I should be over 160hp now with very similar mods to yours.

Alex in Boulder, CO
95SE MTX
157hp 151tq before latest mods...